Delaware Code
Part 7. Transition
§ 9-703. Security interest perfected before effective date.

(a) Continuing priority over lien creditor:

(b) Continuing priority over lien creditor:

(1) is a perfected security interest for one year after this Act takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under Section 9-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this Act are satisfied before the year expires.
(c) Special transition provision regarding trusts and trustees. — If, immediately before this Act takes effect, a security interest against a debtor that is a trust or trustee is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but, pursuant to Section 9-503(a)(3) (dealing with the sufficiency of the name of the debtor in the case of trusts and trustees), the financing statement filed in this State prior to the date this Act takes effect naming the trust or trustee as the debtor would be ineffective under this Act solely because it does not sufficiently provide the name of the debtor, the financing statement remains effective to the same extent as under former Article 9 of the Uniform Commercial Code (and shall remain effective by filing continuation statements naming the debtor as in the financing statement to be continued) if (i) the trust is a trust created under the provisions of Chapter 38 of Title 12 (the Delaware Statutory Trust Act), (ii) the trust is a common law business trust, or (iii) a trustee of the trust is a corporation authorized under the laws of this State to exercise corporate trust powers.

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